Top 10 Ways to Save on Motorcycle Insurance

Gas prices are soaring. Rent and home prices are through the roof. Doctor bills are enough to give you a heart attack. There’s no doubt, the cost of living is going up. Belt-tightening is a must for all of us, so if you can save money on motorcycle insurance, you should.

As with any kind of insurance, calculating the cost of motorcycle insurance is a matter of risk and protection. A mid-range policy for a customer in his or her mid-40s who is married and owns property in a decent neighborhood could run anywhere from $250 to $1000 a year. The 21-year-old with a bad driving record who buys a Gixxer? Well, he’s going to pay more – far more.

Motorcyclists all pay different rates depending on a variety of factors, but there are ways to get the most for your money, or even lower the amount you pay now. The basic formula says the older you are, the better your driving record, the longer you’ve had your motorcycle license, the less flashy and speedy your bike and the less expensive and risky it is to cover damages in your area, then the less you’ll pay for insurance.

But there are things any rider can do to alleviate the squeeze. Here in no particular order are our Top Ten Ways to Save Money on Motorcycle Insurance.

Suggested Readings

Top Insurance Providers

Allstate Motorcycle Insurance

Allstate offers protection with one purpose: to keep riders riding. For those who can’t image life without two wheels, Allstate offers the Rider Protection Package, Genuine Parts Guarantee and New Motorcycle Replacement, plus discounts that could save you up to 50%. Call an Allstate Agent for a fast, free quote today.

GEICO Motorcycle Insurance

Let’s cut to the chase – you’re shopping for a new bike, and you gotta have insurance for it, too. Don’t trust that beauty to just anyone – trust GEICO, where great rates and knowledgeable reps are just the beginning. GEICO. 15 minutes could save you 15% or more on motorcycle insurance, too.

Rider Insurance

Ride with Rider. Rider offers motorcycle insurance for DE, IN, MD, MI, NJ, OH, PA, and VA. We're committed to providing "no hassle" service at the lowest rates possible! Call 1.800.595.6393 or go to www.Rider.com to get an instant price quote or purchase a policy.

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How about rates for Canada?

aircraftmech

I found out that by owning a BMW bike, the rate is significantly higher that what I was paying; it is twice as high as what I was paying on my Triumph. Something to think about…

For calendar year 2011, the National Insurance Crime Bureau tracked a number of statistics regarding motorcycle theft, including the top 10 stolen brands and the top 10 states for theft. Those lists can be found elsewhere on this site. Here, we list the top 10 months for motorcycle theft based on the NICB findings. In ascending order, they are:

Recently, we published a story on the least expensive motorcycles to insure. In it, the bikes were broken down by category, knowing that consumers aren’t interested in a list entirely of small-displacement beginner bikes. We also kept the list to current models (2013 in this case) available in the United States.
This time we’re going the other direction. Here we have the Top Ten most expensive motorcycles to insure. Yes, we could have listed ten uber-expensive and super-rare motorcycles which cost a fortune to insure, but in the name of practicality this list is comprised of mass produced 2013 models the majority of folks can actually buy.
Again, we averaged quotes from different insurance providers to come up with our rankings. Our fictitious rider is a 30 year-old male, licensed for ten years, with a clean record living in Los Angeles. As always, shop around with your own and other insurance providers to get rate quotes tailored for you and your situation.

Where you live is one of the most important factors insurance companies use in determining your premium. Why? As with age, experience, the type of bike you ride and every other factor considered in computing your rate, where you live comes into the equation for one simple reason: risk.
Statistics show that some areas have higher crime rates than others. So if a higher crime rate equals a higher risk of damage to or loss of your property, it will cost you more to insure anything you own. And that includes your motorcycle. If your motorcycle resides in a location where statistics prove it’s at a greater risk for damage or theft, insurance companies are going to want you to pay a higher premium for coverage.
Overall, 2011 saw 46,667 motorcycle thefts in the US (including Puerto Rico and Washington D.C.), according to the National Insurance Crime Bureau (NICB). Interestingly, that number is down 6% from the prior year – welcome news, as the Motorcycle Industry Council says total motorcycle sales are on the rise, albeit slightly (0.3%).
The list below shows the Top 10 states with the highest rate of motorcycle theft in 2011 (Total number of thefts and most targeted brand in parentheses). Worth noting: these 10 states accounted for 25,983 thefts in 2011 – fully 56% of the total. If you’re trying to insure a bike in one of these states, expect to pay more. Still, experts say things like keeping your motorcycle garaged and hooking up a recovery system such as LoJack will have a positive effect on your premium.

Motorcycle insurance is a slippery subject. With so many options for coverage, it’s hard to keep track of every kind of policy. However, if you live in the States you gotta have at least bodily injury and property damage liability coverage before legally operating your motorcycle. But getting insurance doesn’t have to break the bank.

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